RE CHAN CHUNG YIN CHRISTINA

HCB 3411/2008

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

BANKRUPCTY PROCEEDINGS NO. 3411 OF 2008

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Re : CHAN CHUNG YIN CHRISTINA (陳忠燕)
Ex parte : BANK OF CHINA (HONG KONG)LIMITED (formerly known as Po Sang Bank Limited)

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Before: Hon Chung J in Court

Date of Hearing: 11 August 2008

Date of Judgment: 11 August 2008

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J U D G M E N T

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1. This petition for the debtor’s bankruptcy is based on a judgment made in April 2001. The petitioner claims that the amount unpaidremains at $780,915.01 together with interest of about $524,000.

2. The debtor accepts at today’s hearing that the judgment debt arose out of a mortgage arrangement in which she, together with herhusband, were the registered owners of a residential property.

3. She claims to have little knowledge of the exact amount of the mortgage debt, but alleges that in 2002 she was told by the petitioner’sstaff that the debt then outstanding was only about $200,000.

4. Assuming that were true, when asked if she could repay that undisputed amount, the debtor could only offer to pay half of it; sheoffered to repay the other half by monthly instalments in 8 years’ time.

5. I agree with the petitioner that such an offer is not one which should justify the exercise of my discretion to adjourn or dismissthe petition.

6. Because there is an undisputed debt which the debtor is unable to repay, I conclude that it is appropriate to, and I did, make theusual bankruptcy order with costs.

(Andrew Chung)
Judge of the Court of First Instance
High Court

Mr C S Lucas of Messrs T H Koo & Associates, for the Petitioner

Debtor acts in person and present

Ms Ada Sze of Official Receiver’s office